Biotech funding remained active in the first half of 2026 with capital concentrated in a smaller number of very large rounds, even as deal counts stayed lean. The data point to median round sizes approaching records and “megarounds” representing a sizable share of total capital. Elsewhere, the market signal is that capital is still selective in a barbell-style environment, directing funding toward companies showing clinical differentiation, capable management teams, and clearer paths to commercialization. In public markets activity, Vogenx joined the IPO queue to fund its Phase 2-stage metabolic program built around the oral SGLT1 inhibitor mizagliflozin for post-bariatric hypoglycemia, with further expansion plans across additional metabolic indications. The company framed the IPO proceeds as necessary to drive Phase 2b timelines and manufacturing/clinical expansion.